BankFirst Capital Corporation to Acquire Traders and Farmers Bancshares
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ankFirst Capital Corporation (BankFirst or the Company) (OTC:BFCC), parent of BankFirst Financial Services (the Bank), today announced the signing of a definitive merger agreement with Traders and Farmers Bancshares, Inc., (T and F), parent of Traders and Farmers Bank, Haleyville, Alabama, under which BankFirst will acquire T and F.
The transaction has been unanimously approved by the board of directors of each company, is expected to close in the second quarter of 2020, and is subject to customary closing conditions, including approval from the shareholders of T&F and bank regulatory authorities. Under the terms of the definitive agreement, shareholders of T&F will receive from BankFirst a mix of cash and shares of BankFirst common stock valued at $49 million in the aggregate, subject to adjustment. The T&F shareholders will also be eligible to receive from T&F a special cash dividend in the amount of $33 million in the aggregate.
In making the announcement, BankFirst's President and Chief Executive Officer, Moak Griffin, said, The acquisition of T&F will be another milestone in the implementation of our strategic plan to serve our customers and communities and increase shareholder value. In addition, we believe this merger furthers our vision of partnering with other community banks that have strong core deposit funding and a long tradition of superior community and customer service. Together, the combined company will have over 246 years of community banking experience in Mississippi and Alabama. We expect this merger to enhance our ability to continue investing in our products and services, ensuring that we remain competitive on all fronts as the banking industry continues to change and evolve.
After the merger is completed, the combined company will operate under the BankFirst brand, have 31 offices serving Mississippi and Alabama, and have assets in excess of $1.6 billion.
Rickey McCreless, Chief Executive Officer of T&F, commented, We are excited to partner with BankFirst because they share our core values of customer service and community involvement. Together, with an expanded offering of products, services and resources, we will be better able to serve the needs of our customers and our communities. We also believe that this is an excellent opportunity for our shareholders and employees.
BankFirst was advised by Olsen Palmer, LLC as financial advisor and Hunton Andrews Kurth LLP is serving as legal counsel. T&F was advised by Porter White Capital, LLC as financial advisor and Bradley Arant Boult Cummings LLP is serving as its legal counsel.
✔️ BankFirst Capital Corporation to Acquire Traders and Farmers Bancshares
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